Meats Futures Prices
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Lean hog futures settled mostly 87.5 cents to $1.375 higher to start the week. The CME Lean Hog Index for 4/20 was down another 49 cents to $61.10.The USDA pork carcass value was down 98 cents in the afternoon FOB Plant report, with an average of $74.49. The rib and ham cuts were reported lower, with the belly down $4.55. National cash hog base prices averaged 8 cents lower in the afternoon report, with a weighted average of $53.41 and a range reported from $49.00-$54.75. The WCB region was 33 cents higher, with IA/MN up 40 cents. FI hog slaughter was estimated at 442,000 head for Monday, about 142,000 higher than last week and unchanged from the same week in 2016. Pork stocks in March were reported to decrease 9.57% from the previous March and 2.96% from February. Belly Stocks increased slightly to 20.57 million pounds in March, but are still 68.37% smaller than last year. May 17 Hogs settled at $64.400, up $1.375, Jun 17 Hogs settled at $69.525, up $1.200 Jul 17 Hogs settled at $70.400, up $0.875
Live cattle futures fell from 40 cent to $1.85 in most contracts on Monday, following last Friday’s COF report. The April contract expires this Friday. Feeder Cattle futures were also 30 cents to $1.80 lower. The CME feeder cattle index was at $139.41 on 4/21, up $1.36 from the previous day. Wholesale beef prices were mixed in the afternoon report. Choice boxes averaged $218.67, up $1.51, with select gaining 40 cents with an average price of $204.29. Estimated FI cattle slaughter was 115,000 head on Monday, up 7,000 from a week ago and 4,000 head for the same Monday in 2016. The Cold Storage report released this afternoon showed beef stocks in March dropping to 464.469 million pounds, down 3.59% from March 2016 and 7.65% from February. Apr 17 Cattle settled at $129.000, down $0.800, Jun 17 Cattle settled at $114.850, down $1.850, Aug 17 Cattle settled at $110.975, down $1.800, Apr 17 Feeder Cattle settled at $138.250, down $0.300 May 17 Feeder Cattle settled at $137.450, down $1.800 Aug 17 Feeder Cattle settled at $140.700, down $1.550